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2021 Guide to investing in Stocks, Shares, CFD's, Cryptocurrencies, Commodities and more in Nigeria

The best Nigeria online trading platforms
The Best Nigeria Online Brokers 2021

This guide to the top online brokers in Nigeria has been updated for 2021 by industry experts with years of financial experience in Forex, CFDs, & Social Trading.

This guide contains the latest details about finding the best trading patforms in Nigeria.

If you are a new entrant in the realm of trading and broker, so many facts will be confusing for you. Getting into the world of trading requires expert analyzing skills and comprehensive understanding. You'll acquire proficient skills at all the concepts of brokerage since you keep trading. For starters, you need to select the best broker in Nigeria who'll be transparent with you constantly.

Within this fast-paced universe of stock markets and trading, you'll need advice to make correct decisions. A professionally direct investment program is key to your success.

We currently have 21 Trading Patforms in our database that we think are the Best Online Brokers in Nigeria

Who’s The Best Nigeria Brokers?

This guide has been designed to help you find a professional Nigeria broker. When looking for a great, professional broker in Nigeria it can be very confusing.  Below we show what your trading platform are in Nigeria and what Nigeria brokers can do for you.

Getting a free trial of a minimum of three weeks is one of the best ways to understand the quality and reliability of any Nigeria trading broker firm. Before making any final decisions, you have to be able test the tradins platform's and software in real-time but with little risk. This allows you to test the software and see how comfortable you are with its tools. A top broker in Nigeria should make it as easy as possible for any trader. They shouldn't have to do extensive research nor set up multiple accounts before they let you start investing.

We currently have 21 Online Brokers in our database that we think are the Top Online Brokers in Nigeria

Boston Merchant FinancialYa-HiHugos WayLondon Capital Group (LCG)ThinkMarketsNutmeghuobiBitfinexregent markets groupAyondopatersons securities limitedEagleFXSwissquoteafx groupBithumbshaw and partners limitedfxgiantsBOQ TradingCircle MarketsactivtradesValutrades
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Rating3.51/54.81/55.85/57.75/58.30/54.56/56.55/55.71/55.00/53.21/57.00/52.89/55.69/55.10/51.21/54.80/56.20/55.63/54.51/56.80/53.01/5
Minimum Deposit$50$100$50$100$250$0$250$100$250$1$250$10$0$250$500$250$250$200$100$250$0
Year Founded198820082017199620102008201420152020200820152019199920132009201420112014200720112008
HeadquartersDubaiSt. Vincent & the GrenadinesSt. Vincent and the GrenadinesUKAustraliaUSABulgariaNew ZealandUnited KingdomLondonUnited StatesDominicaSwitzerlandGenevaHong KongSwitzerlandCyprusUnited StatesNew ZealandUnited StatesUK
Regulated ByAustralian Securities and Investment Commission (ASIC)Financial Conduct Authority (FCA)UnregulatedFinancial Conduct Authority (FCA: 182110)the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Financial Sector Conduct Authority (FSCA) in South Africa and the Financial Services Authority (FSA) Seychelles. TF Global Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority, FRN 629628. TF GLobal Markets (Aust) Limited is the holder of Australian Financial Services Licence number 424700. TF GLobal Markets (South Africa) (Pty) Ltd is an authorised financial services provider (FSP No 49835). TF Global Markets Int Limited is authorised and regulated by the Financial Services Authority, Firm Reference Number SD060UnregulatedFinancial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F257Financial Services Provider (FSP)Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F299Financial Conduct Authority (FCA)AFS Licence 234666UnregulatedFinancial Conduct Authority (FCA)Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F220UnregulatedFinancial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F305Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F242Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC)Financial Industry Regulatory Authority (FINRA)Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F218Unregulated
Clients10,000+10,000+14,000+10,000+500,000+10,000+10,000+10,000+10,000+10,000+10,000+5,000+300,000+14,000,000+10,000+250,000+250,000+10,000+10,000+12,000,000+10,000+
Risk WarningLosses can exceed depositsYour capital is at riskTrading leveraged products such as Forex and Cryptos may not be suitable for all investors as they carry a degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary seek independent advice.68% of retail investor accounts lose money when trading CFDs with this provider.71.89% of retail investor accounts lose money when trading CFDs with this provider.Your capital is at riskYour capital is at riskYour capital is at riskYour capital is at risk77.2% of retail investor accounts lose money when trading CFDs with this provider.Your capital is at riskCFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with EagleFXTrading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investmentYour capital is at riskYour capital is at riskYour capital is at riskYour capital is at riskYour capital is at riskYour capital is at risk77% of retail investor accounts lose money when trading CFDs with this providerYour capital is at risk
Withdrawal FeesNoNoNoNoNoNoNoYesNoYesNoYesNoNoNoNoNoNoYesYesNo
Inactivity FeesNoNoNoYesNoYesNoNoNoYesNoYesNoNoNoYesNoNoNoYesNo
Deposit Fees5010050100250025010025012501002505002502502001002500
CFD FeesNoNoNoNoNoNoNoNoYesYesNoNoNoYesNoYesNoYesNoYesYes
Accepts Credit CardsYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYes
Accepts PayPalNoNoNoNoYesNoYesNoYesNoYesNoNoYesNoYesYesNoNoYesNo
Accepts SkrillNoNoNoYesYesNoYesNoYesNoYesNoNoYesNoYesYesNoNoYesNo
Accepts PayoneerYesYesYesYesYesYesYesYesYesNoYesYesYesYesYesYesYesYesYesYesYes
Accepts NetellerNoNoYesYesYesNoYesNoYesNoYesNoNoYesNoYesYesNoNoYesNo

Online Stock Trading In Nigeria

Trading Assets in Nigeria is highly regulated and considered very safe. But, conscious that any investment can go down as well as up, which means that your capital is in danger.

If you are just starting out using online trading then it is advised to have a demo account with a regulated agent so that you are able to learn the strategies without the danger of losing money.

Live Forex Trading In Nigeria

Forex is the greatest liquid financial market in the world using a daily financial market turnover of more than $5 trillion (BIS data April 2016).

Forex (Abbreviation of Foreign Exchange) is a currency exchange involving two different countries and the next management of the resulting position where one currency gains and the other loses.

It's possible to do Live Forex Trading in Nigeria using seasoned online agents

Live CFD Trading In Nigeria

CFD trading is the selling and buying of contracts for difference via an online trading platform in Nigeria. When trading CFDs you are agreeing to exchange the difference in the price of an asset from the point at which the contract is opened to when it is closed.

Spread Betting In Nigeria

Spread Betting in Nigeria is possible using professional online brokers like eToro or Trading212. It is a simple bet as to whether the price will go up or down.  Often, the Nigeria online trading platforms will display the prices you have.

If you are looking at how to do spread betting in Nigeria then it is advisable to start with a demo account with either eToro or 101Investing so that you can practice with virtual currency before risking your own capital.

Trading Shares in Nigeria

Globally, Nigeria is considered safe to do online trading and has access to other global financial centers. In Nigeria, online trading platforms are highly regulated, professional and customer centric. 

However, it is always important to be as informed as possible so below are some of the important things a trader should know:

The financial markets in Nigeria are mature and are seen are trustworthy due to regulation and compliance by the local Fiancial trade authority in Nigeria.

The online trading apps used by brokers in Nigeria are well tested and highly rated & secure.

Whichever Online Trading Solutions in Nigeria you decide to use, make sure they have all of the below:

  • Easy to use platform
  • Availability of a risk management tool
  • Good or instant execution speed
  • High quality charts
  • Able to perform social trading
  • Fast online help or support

Challenges Of Trading in Nigeria

The US Dollar is considered the base currency globally so even a tiny change in the US economic markets could affect the financial markets in Nigeria. The EU is also a large economy and changes there may affect the financial markets in Nigeria.

Like every country there are challenges in Nigeria economic markets but overall the outlook is positive. However, like in all global financial markets we recommend that any Online Trading Solutions in Nigeria you decide to use, make sure you do your homework first before risking your money. We have collated thousands of datapoints and written this guide to help you find the Best Trading Platforms in Nigeria.  We hope that by reading this guide you will find a professional broker that matches your needs.

Frequently Asked Questions About Trading Forex In Nigeria

Is Forex Trading Legal In Nigeria?

There's a growing misconception that trading Forex in Nigeria is considered unsafe. This is not the case, Forex trading in Nigeria is quite active, safe and regulated.

Trading in Forex is permitted in Nigeria as for any company to trade globally, foreign currency must be exchanged. Any time you purchase something and it's sent from abroad, there will be multiple money exchanges by multiple companies to receive that item to you.

The main issue is that when trading Forex in Nigeria you select one of the best online agents.

Do Forex Traders Pay Tax In Nigeria?

After a dealer is successful and their profits reach a certain level then they may be taxed in Nigeria according to the typical tax rules.

Tax returns should always be filed even if there is a reduction. You should seek advice with a documented accountant in Nigeria to make certain you're abiding by all present regional laws as it's extremely determined by your personal circumstances.

Can You Trade Cryptocurrencies In Nigeria?

Cryptocurrency markets in Nigeria are quite new. As Cryptocurrencies work on decentralised assets in Nigeria matters like interest rate fluctuations and political instability do not impact them as much as the currency markets.

Cryptocurrencies are more popular with the younger generations and with growing income amounts and technologies adoption, trading cryptocurrency in Nigeria is rising day by day. It's still small compared to the Forex markets but about $6 billion USD of Bitcoin is traded every day.

Can You Trade Commodities In Nigeria?

Commodities trading in Nigeria involves trading in things like precious metals, energies and agricultural commodities.

Some products like agricultural are seeing exponential growth inNigeria.

Fast growing markets like India have a big demand for many basic raw materials for their inhabitants. This means that countries like Nigeria can take advantage of the circumstance.